Blog

President Obama took a bold and important step this week, standing up for student consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau (CFPB). The president's action means that the CFPB now has all its powers to protect students from unfair financial practices that pile on student debt, including lenders offering dangerously expensive private student loans and aggressive credit and debit card marketing.

Every year, students graduate owing tens of thousands of dollars before they've even earned their first paycheck. The average student now graduates with over $25,000 in debt -- while student loan debt nationally has surpassed all credit card debt, reaching a whopping $1 trillion.

Even worse, hundreds of thousands of students also assume expensive private student loans before exhausting more consumer-friendly college financing options. Private student loans pile more debt on students because they provide the worst rates and terms to students with the greatest financial need. In addition, students are targets for high interest, high-fee credit cards and debit cards on campus.

The CFPB is a new kind of regulator designed to do one job and do it well -- protect Americans from toxic financial products. However, since July 21, the CFPB has been up and running, but only with partial powers. Now, with a director in place, the CFPB has additional abilities that kick in -- including the right to regulate private student lenders like Sallie Mae.

An agency to protect students from toxic financial products sounds like it should be a no-brainer with bipartisan support -- and it is. Recently, 37 state Attorneys General, on a bi-partisan basis, had sent a letter to the Senate urging confirmation of Rich Cordray.

Yet, at the behest of both the Wall Street banks, some Senators had opposed confirmation of any CFPB director. In May, 45 Senators had written the president and told him that they would block confirmation of any director until and unless the CFPB's independence and authority were first restricted. They want the CFPB weak and powerless and with a tin cup in hand. Then, on Dec. 8, 45 Senators blocked Cordray's nomination. (Final vote: 53 Aye -- 45 Nay, but 60 Ayes needed to invoke cloture (aka defeat a filibuster)).

Fortunately, President Obama has acted to protect students and rejected these outrageous demands to weaken the bureau. The president did his job with the recess appointment of Richard Cordray to direct the CFPB. Now, the CFPB can do its job, protecting students from unfair financial practices.

Comments

http://www.limefoto.org a admonition that getting active isn't a bridle to http://www.mokoro.co.uk/results.asp

Because of the great number of elements that must definitely be taken into consideration, it can be difficult to find out which web host will likely be perfect. Here are some ideas in choosing an online number to fit both you and your company

http://goo.gl/QX1YL2
http://goo.gl/ms9gJ2
http://goo.gl/G1cGxl

http://goo.gl/Ibe4n0
http://goo.gl/dKoer7

http://kwn.me/p244
http://kwn.me/p243

Cara Alami Mengobati Amandel http://goo.gl/TYiaKv
Cara Alami Mengobati Ambeien http://goo.gl/PRlxVf
Cara Alami Mengobati Asam Urat http://goo.gl/6XAaNE
Cara Alami Mengobati Batu Empedu http://goo.gl/V9Wvbj
Cara Alami Mengobati Diabetes http://goo.gl/ZOqhG5
Cara Alami Mengobati Gagal Ginjal http://goo.gl/nuSvHP
Cara Alami Mengobati Kelenjar Getah Bening http://goo.gl/ezRtlV
Cara Alami Mengobati Penyakit Asma http://goo.gl/9T9AJk
Cara Alami Mengobati Polip Hidung http://goo.gl/396oYP
Cara Alami Mengobati Sinusitis http://goo.gl/LyNWxh
Obat Sesak Nafas http://goo.gl/gxahVp
Cara Menghilangkan Keputihan http://ummutsaqiif.com/
Tips Mengatasi Keputihan http://ummutsaqiif.com/

Apakah anda punya penyakit amandel.? penyakit amandel pada anak jangalah dianggep sepele, karena bisa berbahaya. inilah cara mengobati amandel pada anak tanpa operasi.
Apakah anda punya penyakit asam urat? mempunyai penyakit asam urat tidaklah enak, mau ngapa-ngapain juga tidak enak, maka inilah cara mengobati asam urat dengan herbal
Apakah anda punya penyakit batu empedu? jangan sepelekan juga penyakit yang satu ini karena bisa berbahaya bagi hidup anda. inilah cara mengobati batu empedu tanpa operasi
Apakah anda punya penyakit Diabetes? ayoooo turunkan diabetes anda sehingga menjadi normal. inilah cara mengobati diabetes secara alami
Apakah anda punya penyakit Gagal Ginjal? sudah berapa lama cuci darah yang anda jalani, kini saatnya menyembuhkan gagal ginjal tanpa cuci darah, inilah cara mengobati gagal ginjal tanpa cuci darah
Apakah anda punya penyakit Kelenjar getah bening? sembuhkan penyakit ini tanpa harus menjalani operasi, inilah cara mengobati penyakit kelenjar getah bening tanpa operasi
Apakah anda punya penyakit asma? nafsu makan tidak enek, nafas tidak enak, mau main tidak enak karena sesak nafas atau asma, inilah cara mengobati asma dengan herbal
Apakah anda punya penyakit polip hiduung? polip hidung anda ada 2 hidung atau 1 hidung saja, ayao sembuhkan dengan cara inilah cara mengobati polip hidung tanpa operasi
Apakah anda punya penyakit sinusitis? penyakit ini janbgan disepelekan juga, coba dengan cara yang kami tawarkan untuk mengobati selain operasi, inilah cara mengobati sinusitis
Apakah anda punya masalah keputihan? keputihan adalah masalah kewanitaan yang sudah banyak diderita oleh wanita, inilah Cara menghilangkan keputihan dengan obat keputihan alami
Sponsor : Cara Mengobati Asma Secara Alami

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Obama Administration to put an end to the worst practices.

Support Us

Your donation supports NJPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

CONSUMER ALERTS

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.